"The government’s mid-term report card should read 'could do better’"

Business quote of the day.

The economy will see "sluggish growth" unless the housing market is supported. Photograph: Getty Images

"The UK has crawled out of recession, but the government's mid-term report card should read 'could do better'.

"A fresh approach to monetary and fiscal policy in the UK could help open the door to long-term sustainable growth" said Peter Spencer, chief economic adviser to the Item Club.

A study by the Ernst & Young Item Club said that the economy will see "sluggish growth" over the next few years unless the government spends more on infrastructure, and does more to support the housing market.